The Insolvency and Bankruptcy Code, 2016 introduced on 28 May, 2016, was brought in to consolidate and amend the laws relating to insolvency and bankruptcy. Within the framework envisaged in the Code, there were plethora of cases admitted for corporate insolvency resolution, including 12 large stressed companies such as Essar Steels Limited, Bhushan Steels Limited, Amtek Auto Limited, etc.
Customs Rate of Exchange of Foreign Currency Conversion wef 20.07.2018 notified vide Notification No. 63/2018 – Customs (N.T.) dated the 19th July, 2018
The Advisory No. 1 was issued vide OM dated 4.6.2018 in respect of GST Refunds which are sanctioned by the field CGST Commissionerates and are processed manually for payment by the field Pay & accounts Offices through PFMS Portal. Certain practical difficulties have been reported to be faced by the field Commissionerates in respect of GST Refunds especially in the matter of sanctions issued by the State Tax Authorities.
Finance Minister Piyush Goyal said that the Government has accepted a report submitted by a committee of bankers led by Punjab National Bank Chairman Mr. Sunil Mehta to set up an Asset Management Company (AMC) for the resolution of loans. They will also set up Alternate Investment Funds to raise money to back the AMC.
Recently in, Phillips India Ltd. vs. ACIT, ITAT Kolkata held that Deduction of lease rentals paid towards cars taken on finance lease allowed while computing income
While admitting a petition challenging the provisions of Central Goods and Services Tax (GGST) Act which restricts the time limit for filing and revising of GST Tran 1 to the extent of only 180 days from the appointed day, the Gujarat High Court has issued notices to Centre and GST Council.
As the sale of starter kits/sim cards is purely a purchase/sale transaction on principal-to-principal basis and there is no relationship of agency, hence no obligation was cast upon the assessee to have deducted tax at source under Sec. 194H in respect of the discounts given to the distributors on the sale of the same.
ITO (Exemptions) Vs M/s. Syndicate Rural Development Trust (ITAT Bangalore) Appellant is a trust registered under section 12AA and filed its return of income on 29.09.2014 declaring a Nil income. During the year, appellant received Rs.50.00 lakh from National Institute of Rural Development, Government of India, as a part of grant of Rs.100 lakh for […]
Refund of IGST on export of goods on payment of duty-Clarification in case of SB003 errors and extension of date in SB005 & other cases using officer Interface for rectification of errors vide Circular No. 22/2018-Customs dated 18th July, 2018
CBIC decided to set up Help Desks at the offices of FIEO and AEPC for expeditious resolution of IGST refund related issues vide Circular 21/2018-Customs dated 18th July 2018.
